Photo: RNZ / Angus Dreaver
A man in his 70s has been arrested in relation to a $1.7 million fake investment scam, police say.
Police had been searching a South Auckland address linked to the scam, Detective Senior Sergeant Ryan Bunting of the Waitematā CIB said.
"Police making inquiries at the address located and seized a number of documents and computer equipment believed to be linked to the alleged offending.
"As a result of these inquiries, a 72-year-old male was arrested at the address and charged."
Bunting said the arrest was a "significant" development in the "complex" investigation which stemmed from Kiwis being duped out of their savings.
"The male will face ten counts of money laundering, which is alleged to involve around $1.775 million dollars' worth of money changing hands," he said.
Bunting said the investigation was ongoing and other charges could not be ruled out.
"We have previously engaged with our overseas counterparts and will continue to do so as our inquiries progress."
Bunting said it was not uncommon for police to be made aware of such scams.
"Unfortunately, there are a number of esurient people both here in New Zealand and abroad who seek to cause harm to vulnerable members of our community by scamming them out of their earnings."
The man was expected to appear in Manukau District Court on Friday.
As the matter was before the court, Bunting said police were limited in providing further comment.
But police said if anyone believed they were a victim of fraud, they were urged to call 105 or report in on the police website.
"Additionally, a number of resources are also available to those who believe they may or could be the victim of this type of offending."
